HomeMy WebLinkAboutAGENDA REPORT 1998 0520 CC REG ITEM 11F193-`�
ITEM I I' F•
CITY COUNCIL AGENDA REPORTC'Ty OF MOOR AARM�CALIFORNIA ting
ity Of. S' 2.0- ag
TO: The Honorable City Council ACTION: Acioo to d R oso lu f i o n
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o. 99-14-59
FROM: John E. Nowak, Assistant City Manager
iar•"-
By.
DATE: 11 May 1998 (Council meeting of 05- 20 -98)
SUBJECT: Approve Resolution No. 98- Identifying Individuals
Authorized to Make Fund Transfers
Discussion: The City of Moorpark and the Moorpark Redevelopment Agency recently
changed its banking services to Bank of America. The bank is requiring that the City adopt
a resolution authorizing specific individuals to initiate transfers and wires on the City's
behalf in order for the bank to honor such requests.
As in the past, the resolution authorizes the City Manager, the Assistant City
Manager/Treasurer and the Accounting Manager to make telephone or wire transfers
between the City of Moorpark and the Moorpark Redevelopment Agency accounts and
Bank or America or other bank or financial institutions. This includes transfers to and from
the City's I..AIF accounts. The resolution also authorizes the Treasurer to invest City and
Agency surplus funds in the investment funds authorized in the City /Agency Investment
Policy. The Accounting Manager is authorized to act as agent to execute the investments.
As a balance check, a transfer approval form has been prepared which requires two of the
three signatures before any telephone or wire transfer takes place. The resolution also
rescinds all previous authorizations.
Recommendation: That the City Council adopt Resolution No. 98-- identifying
individuals authorized to make fund transfers.
Attachments: Resolution 98-
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RESOLUTION NO. 98-
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
MOORPARK, CALIFORNIA AUTHORIZING CERTAIN
INDIVIDUALS TO MAKE FUND TRANSFERS ON BEHALF
OF THE CITY.
WHEREAS, the City of Moorpark recently changed its banking services to Bank of
America; and
WHEREAS, the City is required to adopt a resolution authorizing specific individuals
to initiate transfers and wires on the City's behalf for the bank to honor such requests; and
WHEREAS, the same positions as previously approved by the Council are
proposed to be authorized,
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY
OF MOORPARK AS FOLLOWS:
SECTION 1. That the City of Moorpark hereby designates any one (1) of the following;
Steven Kueny, City Manager; John Nowak, Assistant City Manager/Treasurer; or Wayne
Boyer, Accounting Manager as being authorized to make telephone or wire transfers of
funds between the City of Moorpark and the Moorpark Redevelopment Agency accounts
at Bank of America and to any other bank or financial institution pursuant to the
instructions set forth in the Funds Transfer Agreement (Oral instructions) attached hereto
and made a part hereof as Exhibit "A."
SECTION 2. That John E. Nowak, Assistant City Manager/Treasurer is hereby
authorized to invest City and or Redevelopment Agency surplus funds in the investment
types authorized in the most current City /Agency Investment Policy adopted by the City
Council and further that Wayne Boyer, Accounting Manager is authorized to act as his
agent in executing such investment.
SECTION 3. That this resolution shall be effective upon adoption, and shall repeal and
supercede any contrary resolution previously adopted.
0001 I
SECTION 4. The City Clerk shall certify to the adoption of this Resolution.
APPROVED AND ADOPTED this 20' day of May 1998.
Patrick Hunter, Mayor
ATTEST:
Debbie Traffenstedt, City Clerk
00U41
M Bank of America
Funds Transfer Agreement
(Oral Instructions)
This Agreement is between Bank of America ( "Bank ") and the following named customer ( "Customer "):
Customer Name: City of Moorpark Bank: Branch Name Vantura Rf R
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Customer Address 799 Moorpark Ave Moorpark CA 93021 Branch Address :9 93003 Sn �; r•tn_ ri _� qyg tlo„+„r u
Customer wants to Send funds transfer instructions and related messages to Bank orally (including by telephone ) Banks willing to receive, process and transmit these
instructions and messages upon the terms of this Agreement. Bank and Customer agree as follows:
This Agreement consists of three parts. In Part A, Customer authorizes this Agreement and specifies who may act for Customer under the Agreement. In Part B,
Customer provides information about the persons authorized to act for Customer, accounts to be charged and any dollar limit on transfers. Customer may also list some
of the beneficiaries of Customer's funds transfers. Part C contains additional terms of the Agreement and the security procedure. This Agreement does not cover ACH
services, which are subject to other terms.
PART A. FUNDS TRANSFER AUTHORIZATION
1. Customer is: (check the applicableboxand complete the corresponding section below)
I ❑ An Individual orJoint Tenant ❑ A Sole Proprietor ❑ A Partnership ❑ A Corporation or Association
A Public Agency
� 2. AUTHORIZED PERSON (A)
Customer authorizes each Authorized Person listed in Part B, acting alone:
a. To give instructions orally (including by telephone) on Customer's behalf to Bank to initiate, amend, cancel or verify funds transfers from Customer's accounts.
Customer certifies that the titles and telephone numbers listed in PartB are correct and current and that Bank may use and rely on this information and authorization
until it receives written notice of a change and is able to notify affected employees.
b. To authorize one or more persons, each a "Designated Caller;' to give instructions orally (including by telephone) on Customer's behalf to Bank to initiate, amend,
cancel or verify funds transfers and to revoke the authority given to a Designated Caller, in either case, by delivering to Bank written notice signed by an Authorized
Person listing the name, title or position, and telephone number of the Designated Caller.
c. To authorize one or more persons, each a "Verifier;' to receive callbacks initiated by Bank to verify the authenticity of funds transfers that have been requested by an
Authorized Person or Designated Caller, and to revoke the authority given to a Verifier, in either case, by delivering to Bank written notice signed by an Authorized
Person, listing the name, title or position, and telephone number of the Verifier
d. To add or change telephone numbers which Bank may call to verify the authenticity of requests to initiate, amend or cancel funds transfers made in Customer's
name by delivering to Bank written notice signed by an Authorized Person.
e. To execute agreements or documents that Bank may request (and all renewals or amendments to them) regarding funds transfers made in Customer's name.
3. DESIGNATED CALLER (D)
Customer authorizes each Designated Caller listed in Part B, acting alone, to give instructions orally (including by telephone) on Customer's behalf to Bank to initiate,
amend, cancel or verify funds transfers from Customer's accounts.
4. VERIFIER (V)
Customer authorizes each Verifier listed in Part B, acting alone, to verify orally the authenticity of requests to initiate funds transfers from Customer's accounts.
For Individual, Joint Tenant, or Business Other Than Corporation or Association
Below are the signatures of one or more owners of the accounts listed in the Authorized Accounts section of Part B. These signatures bind Customer to the terms and
conditions of this Funds Transfer Agreement. We certify that the information contained in Part B is correct.
Date
Name Signature
Name Signature
For Corporation or Association
I certify that I am the Secretary of the Organization named above; that this authorization is a true and correct copy of resolutions adopted by its Board of Directors; that
the resolutions are now in full force and effect, and do not exceed the powers of this organization or its board. My signature below and the signatures of the Authorized
Persons in Part B bind Customer to the terms and conditions of this Funds Transfer Agreement. I certify that the information contained in Part B is correct.
Date 2/24/98
Name Deborah S. Traffenstedt
Signature,
For Public Agency: Treasurer's Certificate
I certify that I am the duly appointed /elected and acting Treasurer of the Public Agency named above; that the foregoing resolutions are in full force and effect and have
not been revoked or amended and do not exceed the objects or powers of the Public Agency. I certify that the information contained in Part B is correct.
I have executed this Certificate on 2124 19 98
Treasurer Name John E. Nowak `
Sig �A A 4Z
MISC-3134 10.93
A� ReCycl94
PART B. CUSTOMER INFORMATION
1. CUSTOMER SPECIFIES THE FOLLOWING PERSONS AS AUTHORIZED PERSONS (A). DESIGNATED CALI FRS rrn AR Vcoicicnc
2. Authorized Accounts. Bank may debit the following accounts for funds transfers made in Customer's name and for related fees and charges.
14471 01256
14479 01257
14477 01258
73134 01357
3. Transfer Limit. Bank may act on a request to transfer funds in Customer's name: (check one) + j,,
❑ In any amount. There is no limit.
( Only if the amount specified in the request does not exceed $ 5 , 000 , 000. 00 This dollar limit applies to each request. It is not a daily limit. It
is not a security procedure to verity authenticity of requests or to detect errors in requests.
4. Beneficiaries. Bank may send funds transfers to any account or beneficiary named in a funds transfer request, including but not limited to, those listed below. If
the account or beneficiary is not listed below, Bank will only act on the request if Bank is able to verify the authenticity of the request by speaking to a person who
identifies himself or herself as an Authorized Person, Designated Caller or Verifier at one of the telephone numbers provided in section 1 above.
City of Moorpark
Local Agency Inv. Fund
Name
98 -56 -567
Acct. #
Bank of America
Bank Name
Sacramento Main
Branch of Bank
900 8th Street
Address
Sacramento, CA
City & State
121000358
ABA Routing
Name
Acct. #
Bank Name
Branch of Bank
Address
Moorpark Redevelopment
Local Agency Inv. Fund
Name
65 -56 -005
Acct. #
Bank of America
Bank Name
Sacramento Main
Branch of Bank
900 8th Street
Address
Sacramento, CA
City & State
121000358
ABA Routing
Name
Acct. #
Bank Name
Branch of Bank
Address
City & State City & State
ABA Routing ABA Routing
Name Name
Acct. #
Bank Name
Branch of Bank
Acct.
Bank Name
Branch of Bank
Address Address
City of Moorpark
CFD 97 -1
Name
180121167365
Acct. #
First Bank N.A.
Bank Name
Minneapolis
Branch of Bank
Address
Minneapolis, MN
City & State
091000022
ABA Routing
Name
Acct. #
Bank Name
Branch of Bank
Address
City & State
ABA Routing
Name
Acct. #
Bank Name
Branch of Bank
Address
City & State City & State City & State
ABA Routing ABA Routing ABA Routing
FOR BANK USE ONLY
Effective Date ❑ New FTA ❑ Change to Existing FTA Dated
AUTHORIZED SIGNATURE PRINT NAME PRINT TITLE
UNIT NAME AND NUMBER TELEPHONE NUMBER COPIES SENT TO UNIT NAME /#
For Commercial Banking Division Only:
Repetitive Callback ❑ Business ❑ Non - Business
W l.."1 R 4
PART C. ADDITIONAL TERMS
1. Information For a Transfer For each funds transfer, Customer will give the informa-
tion Bank requires to initiate the transfer. This information normally includes: name of Cus
tomer, name of person making the request, account number from which funds are to be
transferred, the amount to be transferred, the name and identifying number of the financial
institution and the name and account number of the beneficiary to which the funds are to be
transferred.
2. Recording Conversations Bank may record all telephone conversations and data
transmissions received from or on behalf of Customer about a funds transfer.
3. Acting on Requests Bank will act on each funds transfer request that meets all of the
following conditions: Bank receives the request on a Business Day in the manner and place
Bank specifies; Bank is able to verify the request through the security procedure prior to
Bank's applicable cut-off deadline; and Bank accepts the request. Bank will act on the
request by making applicable entries or transmitting appropriate instructions no later than
the stated value date or on the day the request is received if no value date is stated. The
stated value date may not be prior to the day the request is received or more than five (5)
Business Days after the day the request is received. Bank may treat any request it receives
after the applicable cut-off deadline either as received on that Business Day or as received
on Bank's next Business Day. Bank may treat requests it receives on a non - Business Day
as received the next Business Day. Bank is not liable for failing to detect any error in a
request to transfer funds or other payment order. Bank is not required to act upon any
special instructions regarding a funds transfer.
4. Rejecting Requests Bank may reject any request to transfer funds if the transfer
would exceed Customer's available funds (as determined by Bank) in the applicable
account or if Bank is not able to verify the request through the security procedure. Bank will
notify Customer of the rejection eitherorally, electronically, or in writing bythe end of Bank's
next Business Day. Bank may send written notices by mail. Bank is not liable for the rejec-
tion and is not obligated to pay Customer interest for the period before Customer receives
the notice of rejection.
5. Cancelling or Amending Requests Customer has no right to cancel or amend a
request to transfer funds after its receipt by Bank. If Customer asks Bank to cancel or
amend a request and Bank is able to verify the request to cancel or amend through the
security procedure, Bank may use reasonable efforts to act on Customer's request. Bank
has no liability if Bank is not able to carry out a cancellation or amendment of a request.
Customer will reimburse Bank for any liability Bank incurs in attempting to cancel or amend
a funds transfer.
6. Customer's Payment Customer will pay Bank the amount of each funds transfer on
the date Bank receives the request and Bank's fees and charges for its services when due.
Customer will reimburse Bank for all taxes or other duties imposed on a funds transfer.
Bank may, without prior notice or demand, deduct the amount of each funds transfer and
the fees and other charges due Bank from any account maintained by Customer with Bank
or any affiliate of Bank. If Customer does not maintain available funds in its accounts suffic-
ient to pay for a funds transfer or Bank's fees and charges, Customer will immediately
deposit or credit to the account sufficient good funds. Customer is bound by and will pay for
any funds transfer or other payment order executed by Bank, whether or not authorized,
provided that the funds transfer or payment order was verified by Bank by use of the secu-
rity procedure.
7. No Extension of Credit Bank is not obligated to create an overdraft to complete a
funds transfer even if it has done so previously. If Bank does create an overdraftto complete
a funds transfer, Customer will repay Bank immediately without demand. Bank makes no
Commitment to lend money, extend credit or otherwise advance funds to Customer to pay
for any funds transfer or other payment order.
8. Identifying Number If a funds transfer request or payment order identifies the benefi-
ciary by both a name and an identifying number and that name and number identify differ-
ent persons, Customer understands that execution of the request or payment order,
payment to the beneficiary, or cancellation of the request or payment order may be made
solely on the basis of the identifying number. If a request or payment order identifies any
bank by both a name and an identifying number and that name and number identify differ-
ent banks, Customer understands that any person may rely solely on the identifying num-
ber. Bank has no duty to detect any inconsistency between the identifying number and
the name.
9. Means of Transmission Each request or payment order or cancellation of either may
be executed using the Fedwire of the Federal Reserve System. If any part of a funds trans-
fer is carried out by Fedwire, Customer's rights and obligations are governed by Regulation
J of the U.S. Federal Reserve Board. Bank may use any means of transmission, funds
transfer system or intermediary bank reasonably selected by Bank in acting on Customer's
requests, even if it differs from Customer's instructions. Bank is not responsible for the acts
or omissions of these other parties as they are not Bank's agents.
10. Warranties Bank represents and warrants that it has the right to furnish funds trans-
fer services described in this Agreement. This warranty by Bank is in lieu of all other warran-
ties express, implied or statutory, including, but not limited to the implied warranties of
merchantability and fitness for a particular purpose. Customer represents and warrants
that it has the right to give and effect payment of each funds transfer or other payment order
(or any cancellation or amendment of the same) made in Customer's name and that such
payment does not violate any law, rule or regulation.
11. Limitation of Liability For funds transfer requests which are subject to either Divi-
sion 11 of the California Commercial Code or Regulation J, Bank is not liable for any
expense, claim, loss, damage or cost (collectively, "Damages ") which arise out of or relate
to its performance under this Agreement other than those required to be paid under Divi-
sion 11 or Regulation J, as applicable, except to the extent provided in this Agreement. In all
other cases, Bank is not liable for any Damages which arise out of or relate to its perform-
ance under this Agreement, except for Bank's negligence, subject to the following limit.
Bank's liability for its own negligence is limited to direct money damages actually incurred
by Customer in an amount not exceeding the greater of the amount, if any, by which funds
transferred from Customer's account exceeded the amount specified in the applicable
request or the amount transferred to an account other than the account specified in the
request. Bank is not liable for any special, indirect, or consequential damages, even if
Bank has been advised by Customer of the possibility of such damages. Unless Customer
notifies Bank in writing within a reasonable period of time —no more than fourteen (14)
days —after the Bank first notified Customer (either by listing it on an account statement or
in any notice or report provided to Customer) of an erroneous or unauthorized transfer,
Bank will not be liable for interest thereafter as compensation for executing such erroneous
or unauthorized transfer.
12. Interest Calculations If Bank must pay compensation in the form of interest, Bank
will calculate compensation for the relevant period as follows: for analyzed accounts, using
its account analysis procedures: for interest bearing accounts, using the interest rate(s) for
the account; for other accounts, using a rate equal to the average of the Federal Fund rates
published by the Federal Reserve Bank of New York, less reserves.
13. Indemnity Customer will indemnity Bank for all liabilities, costs, losses and dam-
ages of any nature, including allocated costs of staff counsel and other attorney fees, which
arise out of or relate to disputes or legal actions by th ird parties about any action Bank takes
on Customer's request to initiate, amend or cancel funds transfers. Customer's obligation
under this paragraph survives termination of the Agreement.
14. Dispute Resolution Any dispute or controversy arising out of or relating to this
Agreement, including a breach of this Agreement, will be decided by reference under Cali-
fornia Code of Civil Procedure Section 638 and related sections. A referee either an
active attorney or a retired judge —will be selected according to the procedures for select-
ing arbitrators of the American Arbitration Association and then appointed by the court in
which the action regarding the dispute or controversy started. The dispute will be submitted
to the referee for determination in place of a trial before ajudge and jury.
15. General Terms
a. Failure to Perform Neither Customer nor Bank is liable for its failure to perform its
obligations under this Agreement when the failure arises from causes beyond its control,
including, but not limited to, natural disaster, equipment failure, system failure, labor dis-
putes, or the failure of a third party to provide any electronic or telecommunication service
used to execute or cancel payment orders. Bank is also not liable for its failure to perform if
Bank belieJes its action would violate any guideline, rule or regulation of any government
authority.
b. Governing Law This Agreement is governed by California law (without reference to
California principles of conflict of law) except that Regulation J governs a funds transfer if
any part is carried out through Fedwire.
c. Amendments and Waivers Bank may change this Agreement by giving Customer
notice in writing before any change becomes effective. If Customer requests funds trans-
fers after any such change becomes effective, Customer will have accepted the change.
Bank or Customer may delay exercising their rights without losing them. Any waiver or
partial exercise of one right is not a waiver of other rights or the same right at another time.
d. Termination Either party may terminate this Agreement for any reason upon ten (10)
days prior written notice to the other. The 10-day period begins on receipt of the notice.
Termination does not affectany claim or cause of action of either party which existed prior to
the termination.
e. Other Agreements and Authority The terms of this Agreement are in addition to, and
do not modify or otherwise affect, the terms of any other agreements between Customer
and Bank or authorizations of Bank by Customer relating to funds transfers or other serv-
ices provided by Bank to Customer. For example, this means that each Designated Caller or
Authorized Person may alone request a funds transfer even if the person is not authorized
to withdraw funds from the account under the relevant account agreement, or the account
agreement requires more than one signature for the withdrawal of funds.
f. Severance If any provision of this Agreement is not enforceable, the other provisions
will still be enforceable. This Agreement is intended to benefit only Bank and Customer.
g. Notices Each notice related to this Agreement must be addressed to the address of
Customeror Bankappearing in this Agreement until either changes the address by a notice
in writing to the other.
h. Business Day In this Agreement, "Business Day' means Monday through Friday,
excluding Bank holidays.
I. Foreign Currency If a funds transfer involves foreign currency, Bank may exchange
Customer's funds for the foreign currency at any time on or before the transfer date. Cus-
tomer accepts the risk of changes in these rates after the date on which Bank states it made
the exchange.
16. Security Procedure The purpose of the security procedure is to verity the authentic-
ity of requests to initiate, amend or Cancel funds transfers made in Customer's name. This
is not a security procedure to detect errors. The security procedure is as follows:
When Customer completed this Agreement, Customer provided Bank with the names and
titles of Authorized Persons, Designated Callers, and Verifiers, and one or more telephone
numbers which Bank may use to verity the authenticity of requests to initiate, amend or
cancel funds transfers and the accounts to be charged for funds transfers. Customer may
also have listed one or more beneficiaries. This information is contained in Part B and is part
of the security procedure.
The person who calls Bank on behalf of Customer must identify himself or herself by name
and supply the information Bank requires to act on the request. Bank will compare this
information against that supplied by Customer in Part B. If the name given is on the list of
Authorized Persons and Designated Callers, the beneficiary information specified in the
request is in the list of beneficiaries and the amount of the request does not exceed the
dollar limit established by Bank for call- backs, the request is verified as that of Customer
without further action. Otherwise, Bank will verify the authenticity of the request by a call-
back procedure. In this case, to authenticate the request as that of Customer, Bank will call
one of the telephone numbers Customer provided Bank in Part B and speak to any person
who identifies himself or herself as an Authorized Person, a Designated Caller, or a Verifier
(including the person who initiated the request).
Bank will establish a dollar limit for call- backs, which may vary from time to time and may be
different for different customers. Upon request, Bank will advise an Authorized Person of
the dollar limitfor that day.
Customer has reviewed its requirements and determined that the security procedure
described above is a satisfactory method of verifying the authenticity of requests made in
Customer's name to initiate, amend or cancel funds transfers. Customer understands that
Customer's requests would be more secure if sent on Customer's personal computer, an
alternative procedure which Bank recommends. Customer accepts any risk of using this
security procedure.
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